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More than half of ultra-high net worth individuals (UHNWIs) in India are likely to purchase art along with watches and luxury handbags during this year for passion-led investment, according to Knight Frank India. Real estate consultant Knight Frank has released its 'The Wealth Report 2023' on wednesday through virtual conference. According to Knight Frank Luxury Investment Index (KFLII), which tracks the value of ten investments of passion, has increased by a healthy 16 per cent during 2022, comfortably outpacing global inflation rate whilst outperforming majority of mainstream investment classes, including equities and gold. Among the ten passion investments, Knight Frank said art was the top performer with a return of 29 per cent in a 12-month period ending December 2022. This was followed by classic cars whose price index has appreciated by 25 per cent YoY (year-on-year) in 2022, highest in last 9 years. As an example, a Mercedes-Benz Uhlenhaut Coup sold in 2022 for USD 143 ...
Police here booked two directors of a luxury car showroom for fraudulently taking loan worth crores of rupees using three luxury cars. According to the complaint filed by Jeebu Joseph, branch manager of The South Indian Bank Limited, Gurgaon Sector 23 that Zenica Cars India Pvt. Ltd, located on Golf Course road and an authorised dealer of Audi cars are enjoying three car loans from our branch under one banking arrangement. All three loans were disbursed in 2017. Rashpal Singh Todd and Mandhir Singh, the directors of the borrower company had joined the documents as guarantors to all the three loans. However, the account was classified as non performing asset (NPA) in 2018, it said. "On further enquiry, while scrutinising the list of entities uploaded in Central Fraud Registry [CFR] for the month of September 2018, we had observed that HDFC Bank had classified M/s Zenica Cars India Pvt. Ltd as fraud," the complaint read "Accordingly, an investigation was conducted in the branch it is